Streetwise

China's Name Pops Up Everywhere

Rising Treasury yields threaten stocks. Progressive idea.

EVERY NOW AND THEN SOMEONE ON WALL STREET harkens back to the old investment scheme, probably apocryphal, of a mink-and-rat farm in Mexico. The rats were fed to the minks, who were killed for their fur, and then the minks' meat was fed to the rats. On paper, the plan was flawless.

This self-sustaining, wealth-generating cycle comes to mind following China's move last week to invest $3 billion in the buyout firm Blackstone Group.